Overview and Scope
Financial accounting advisory services refer to a comprehensive package of experienced third-party strategic guidance for firms and organizations to achieve their commercial, financial, and operational goals. They aid in ensuring compliance with changing financial standards and fostering transparency and confidence in reporting to help in better decision-making.
Sizing and Forecast
The financial accounting advisory services market size has grown strongly in recent years. It will grow from $98.58 billion in 2023 to $105.66 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to implementation of new accounting standards, regulatory changes impacting financial reporting requirements, globalization and expansion of multinational corporations, complexity in financial reporting and compliance, evolution of audit and assurance standards
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The financial accounting advisory services market size is expected to see strong growth in the next few years. It will grow to $140.41 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to adoption of enterprise resource planning (erp) systems, corporate governance and risk management concerns, growing need for transparency in financial reporting, adoption of cloud-based financial accounting solutions. Major trends in the forecast period include integration of artificial intelligence, integration of machine learning in financial advisory, growth of advisory services for cryptocurrency and blockchain, integration of predictive analytics in financial decision-making.
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The financial accounting advisory services market covered in this report is segmented –
1) By Type: Accounting Change Services, Buy-Side Support, Bankruptcy Services, IPO Advisory Services, Financial Reporting Issue And Restatement Services, Technical Accounting, Financial Statement Preparation, Accounting Software Migration, Cash Flow Management Services, Other Types
2) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises
3) By Application: Personal, General Company, Listed Company, Government, Other Applications
4) By Industry Vertical: Banking, Financial Services And Insurance (BFSI), IT And Telecom, Manufacturing, Retail And E-Commerce, Other Industry Vertical
North America was the largest region in the financial accounting advisory services market in 2023. The regions covered in the financial accounting advisory services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Increasing demand for financial services is expected to propel the growth of the financial accounting advisory services market going forward. Financial services refer to services that financial institutions offer. Financial accounting advisory services provide expert guidance, enhance financial transparency, and support informed decision-making. For instance, in September 2022, according to the United States Census Bureau, a US-based government agency, the real median household income was $70,784 in 2021, and income inequality increased by 1.2% between 2020 and 2021. Further, in January 2022, according to S&P Global, a US-based publicly traded corporation, the median household income is expected to increase 12.1% to $81,230 in 2027 from $72,465 in 2022 in the US. Therefore, the Increasing demand for financial services is driving the growth of the financial accounting advisory services market.
Key Industry Players
Major companies operating in the financial accounting advisory services market report are JPMorgan Chase & Co, The International Business Machines Corporation, PricewaterhouseCoopers International Limited (PwC), Ernst & Young Global Limited, Oracle Corporation, KPMG International Limited, SAP SE, Deloitte Consulting LLP, Capgemini SE, The PNC Financial Services Group Inc., BDO International Ltd., RSM International Limited, Nexia International, Baker Tilly US LLP, Bain & Company Inc., AlixPartners LLP, FTI Consulting Inc., Grant Thornton LLP, CBIZ Inc., Protiviti Inc., Alvarez & Marsal Holdings LLC, Crowe LLP, Plante & Moran PLLC, Armanino LLP, CohnReznick LLP, EisnerAmper LLP, MorganFranklin Consulting LLC, Sensiple Software Solutions Pvt Ltd., Accutech Systems Corporation, Quint Group Limited.
The financial accounting advisory services market report table of contents includes:
1. Executive Summary
2. Financial Accounting Advisory Services Characteristics
3. Financial Accounting Advisory Services Trends And Strategies
4. Financial Accounting Advisory Services – Macro Economic Scenario
5. Global Financial Accounting Advisory Services Size and Growth
…..
32. Global Financial Accounting Advisory Services Competitive Benchmarking
33. Global Financial Accounting Advisory Services Competitive Dashboard
34. Key Mergers And Acquisitions In The Financial Accounting Advisory Services
35. Financial Accounting Advisory Services Future Outlook and Potential Analysis
36. Appendix
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